The real income of a consumer is income in terms of:
Goods
Goods and survices
Goods and survices it can purchased
Monetary units
Correct Answer :
C. Goods and survices it can purchased
Related Questions
If by doubling all inputs in the long run output is less than double, it is a case of:
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
The elliptical isoquant represents the:
Economic combinations of labor and capital
Uneconomic combinations of labor and capital
Both a and b
None of the above
Under pure monopoly, there will be:
No distinction between firm and industry
One firm and no industry
No firm and no industry
None of the above
Total profits are maximized at the point where:
TR equals TC
The TR curve and the TC curve intersect such that TR and TC lie at the same point
The TR curve and the TC curve are parallel and TC exceeds TR
The TR curve and the TC curve are parallel and TR exceeds TC
Stable cobweb model is a:
Simple model
Dynamic model
Both of them
None of them
Price leadership is associated with:
Collusive oligopoly
Non-collusive oligopoly
Cartel
Perfect competition
The output where TC = TR & AC = AR:
Break-even point
Load point
Shut-down point
Revenue cost point
The act of producing the output from more than one plant is concerned with:
Monopoly
Multi-plant monopoly
Bilateral monopoly
Price discrimination
If the production function is homogeneous, the expansion path will be a straight line through the origin whose slope determines the optimal:
L/K ratio
K/L ratio
P/L ratio
P/K ratio
The average product is given as:
Q.L
Q- L
Q+ L
Q/L
The marshallian indirect utility function in the form of equation is:
x =a-bp
x =b-ap
x = f(P)
The firms in non-cooperative games:
Enforce contracts
Make contracts
Make negotiations
Do not make negotiations
The critics of Sweezy model say that kink generates:
Frustration
Poverty
Uncertainty
Integrity
In Bertrand model, the entry of new firms is:
banned
allowed
partially allowed
none of the above
Identify the author of The Principles of political Economy and Taxation:
Alfred Marshal
J.S.Mill
David Ricardo
A.C.Pigou
An economic model describing the working of an economy consists of:
Functional relationships
Family relationships
Economic position
Stagnant relationships
Nash equilibrium says:
I am doing the best, I can given what you are doing
You are doing the best, you can given what I am doing
Both a and b
None of the above
An indifference curve shows the bundles of two goods among which a consumer remains:
Indifferent
Different
In equilibrium
Dominant
Production is a function of:
Profits
Costs
Inputs
Price
Indifference curve represents:
Only two commodities
Only three commodities
More than three commodities
Any number of commodities
The model which gives us information about price and output changes in different periods is:
Stable cobweb model
Perpetual oscillation
Both(a) and(b)
None of them
Of the following commodities, which has the lowest price-elasticity of demand?
Car
Salt
Tea
House
The law of variable proportions comes into being when:
All factors are variable
There is a fixed factor and variable factor
All factors are non-variable
None of the above
Which is the correct statement?
The U shape of long-run cost curve is less pronounced than the short-run cost curves
The U shape of the short-run cost curves is less pronounced than the long-run cost curves
The U shape of the long-run cost curve is more pronounced than the short-run cost curves
The long-run cost curves are never U shaped
The price consumption curve (PCC) for commodity X is the locus of points of consumer equilibrium resulting when:
The price of only Y is varied
The price of only X is varied
The prices of both Y and X are varied
None of the above
Which is the other name that is given to the average revenue curve?
Profit curve
Demand curve
Average cost curve
Indifference curve
Price elasticity of demand can be measured in the following way:
Percentage change in quantity demanded of a commodity divided by percentage change in price of that commodity
Change in quantity demanded of a commodity divided by change in price of that commodity
Percentage change in price of a commodity divided by percentage change in quantity demanded of that commodity
None of that commodity
An exceptional demand curve is:
Downward sloping
Upward sloping
Horizontal straight line
Vertical straight line
AR curve under perfect competition:
Slopes downwards to the right
Slopes upward to the right
Is vertical to the x-axis
Is horizontal to the x-axis
In cournot model, during the process of adjustment, the number of firms:
Donot change
Change
Both a and b
None of the above